Even as Mahindra & Mahindra (M&M) advances its acquisition of SML Isuzu to strengthen its presence in the intermediate and light commercial vehicle (I&LCV) space, the company is also actively exploring opportunities to scale up in the medium and heavy commercial vehicle (M&HCV) segment.
This strategic push comes as global players increasingly view India as a key hub of opportunities, driven by shifting geopolitical dynamics.
Responding to an ETAuto question about a possible strategic tie-up to boost its M&HCV business, Rajesh Jejurikar, Executive Director and CEO (Auto & Farm Sector), said the segment is now considered a “scalable growth gem” for the company.
“We will look at every opportunity to grow. If there is a possibility to collaborate and build momentum in this segment, we are completely open to it,” Jejurikar said, during a media conference call. “It is now firmly in the category of a growth gem, and we intend to invest in scaling the business.”
However, he acknowledged that gaining market share in the M&HCV space remains a challenge. “We are very mindful that market share gains in this segment don’t come easy.”
Currently, the auto major holds a 3 per cent share in the M&HCV segment, a market dominated by players like Tata Motors and Ashok Leyland. The company aims to grow its share to 5 per cent by 2030.
For Mahindra, a collaboration would offer access to critical technological capabilities from a global partner, creating a mutually beneficial, win-win scenario.
Betting big on LMM business
The Mumbai-headquartered automaker is also betting big on another of its ‘growth gems’– its Last Mile Mobility (LMM) business– where it is targeting a 2X to 3X growth trajectory.
Jejuriker said the growth strategy includes a strong push for electric vehicles (EVs), expanding beyond three-wheelers to potentially include four-wheelers within the last mile mobility category.
“We believe exports will present a significant growth opportunity, and it will be a key area of focus going forward,” he added.
